Sometimes, there is no worse feeling than changeespecially
if you are not prepared. As 2012 quickly approaches, many institutions are
still confused as to what is expected from them with the new FFIEC Guidance regulations. As Avivah Litan mentions in the article FFIEC Guidance: Are Banks Ready? mid-tier and regional banks are struggling to
understand what measures to take to meet the new requirements especially in
regards to upgrading their security strategies through 3rd party
vendors, authenticating payments, and batch-file processing. It is reported that only 50% of
institutions fully understand the minimum authentication conformance.
Understanding the importance of layered security is going to
the most vital aspect of these new changes. One of the 6 tips given to prepare
for the new regulations is to examine vendors. It is imperative that companies
work with 3rd party vendors that provide ID authentication. With the use of knowledge-based authentication, companies will be able to meet these payment authentication
requirements by having an additional layer of security measures. EVS
offers batch-processing at a reasonable rate which adds convenience to the
process of reinstituting compliance strategies.
If you or your organization feels overwhelmed with the new
expectations, contact a 3rd party ID verification vendor to assist with your authentication and batch-processing
needs.
